Jargon Buster

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Term Definition
Sitting Tenant
When someone occupies a property as a tenant and they have legal rights without a lease. A property with a tenant in many times has a much lower asking price.
Sole Agency
Where only one agent (Estate Agent or Letting Agent) has been given the right and the authority to sell/rent a property.
Split Loan
A split loan is a mortgage that can be taken partly on a capital and interest basis and partly on an interest only basis.
Stamp Duty
Tax on house purchases over
Standard Variable Rate
Default variable interest rate for a Lender. When any discount on interest for a mortgage ends, this is the rate that is normally applied.
A flat or apartment with the bedroom and living room all in one. It can have a separate kitchen or a kitchen in the corner of the main room.

There will still be a separate bathroom and toilet.
The leasing of premises by a lessee to a third party for part of the lessee's remaining term. Some tenancies/lease agreements will not allow sub-letting.
Subject To Contract
Indicates an agreement between buyer and seller prior to exchange of contracts.

At this stage either party is still free to pull out of the transaction. For property this is normally that a price has been accepted by the vendor.
Report produced on a property to determining the value of the property, any structural problems and whether it is the sort of property the lender will be prepared to lend on.

Carried out by a qualified surveyor after he has inspected the property. You generally have three tiers of report available:
  • Valuation
  • Home Buyers
  • Structural

  • A Mortgage lender will require a valuation. The structural is the most in-depth and hence normally the most expensive.
Agreement between a landlord and the person/s who take legal residence in a property in return for rent payments
Tenancy Agreement
Document that contains all the details and terms and conditions of the tenancy and also known as a rental agreement. It is a legally binding document.
Tenancy At Will
A flexile type of letting agreement that often used for short term property letting. The agreement is indefinite and continues until the one of the parties gives notice to bring the tenancy to an end.

Can occur after exchange of contracts if a purchaser wants to gain access to the property before legal completion e.g. to start the renovation etc.

Can be organised formally through the solicitors and a licence arranged between both the vendor and the buyer. The buyer might agree to pay an appropriate rate of interest on the balance of money owed for the property (i.e. the purchase price of the property less the deposit that they have already paid).
Tenancy Deposit Protection
From 6 April 2007 landlords who take deposits are required to comply with mandatory tenancy deposit protection, via participation in a custodial or insured tenancy deposit protection scheme.
Tenancy In Common
Where several owners each own a stated percentage of the property.

Each owner may deal with their portion of the property as they wish (giving it away, mortgaging it, bequeathing it, etc.) and, upon their death, their share becomes part of their estate. Also known as Tenants in Common.
Person/company who takes legal residence in a property in return for rent payments